Engineering group buys American manufacturer

IMI's headquarters in Birmingham
Engineering group IMI has agreed to buy manufacturer PBM, in a deal which values the American company at £70m. PBM, which makes industrial valves in Pennsylvania, will become part of IMI's Critical Engineering division. In 2018, PBM generated revenues of $35.6m (£29.4m) with adjusted EBITDA - a measure of operational profitability - of $6.8m (£5.6m). Roy Twite, chief executive of IMI, said: "Our strategy at IMI is all about delivering tremendous value by solving industry problems - and putting customers at the heart of our... You can carry on reading for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...